Opinion

Are we bottoming out?

There’s always a danger of seeing green shoots where they aren’t really there. But I’ve recently had three separate conversations with the bosses of agencies who either feel that the worse is over, or at the very least things aren’t deteriorating further.  

One of them runs a very large agency. Three months ago – based on conversations with multinational clients – he was very downbeat, now he’s cheered up a little.

Another says that there was a first stage where clients started warning that budgets would be uncertain, followed by  a second stage where virtually every project and initiative was put on hold. Now several projects are back on and he’s scrambling to make up for shortages of staff he reassigned (but fortunately didn’t lay off).

Everyone I talk to is still extremely cautious about the rest of the year. While I think that life will be tougher, for longer for media owners, the number of people who think the sky is going to fall in appears to be diminishing.

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